Intrinsic value of Church&Dwight - CHD

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$53.04

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CHD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 13.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.89
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  3,493
  3,580
  3,679
  3,788
  3,909
  4,040
  4,182
  4,336
  4,501
  4,677
  4,866
  5,067
  5,280
  5,507
  5,748
  6,002
  6,271
  6,556
  6,856
  7,173
  7,508
  7,860
  8,232
  8,623
  9,035
  9,469
  9,925
  10,406
  10,911
  11,442
  12,001
Variable operating expenses, $m
 
  1,751
  1,795
  1,844
  1,898
  1,957
  2,021
  2,090
  2,164
  2,243
  2,328
  2,273
  2,369
  2,471
  2,579
  2,693
  2,814
  2,941
  3,076
  3,218
  3,368
  3,527
  3,693
  3,869
  4,054
  4,248
  4,453
  4,669
  4,895
  5,134
  5,384
Fixed operating expenses, $m
 
  1,111
  1,139
  1,167
  1,197
  1,226
  1,257
  1,289
  1,321
  1,354
  1,388
  1,422
  1,458
  1,494
  1,532
  1,570
  1,609
  1,649
  1,691
  1,733
  1,776
  1,821
  1,866
  1,913
  1,961
  2,010
  2,060
  2,111
  2,164
  2,218
  2,274
Total operating expenses, $m
  2,769
  2,862
  2,934
  3,011
  3,095
  3,183
  3,278
  3,379
  3,485
  3,597
  3,716
  3,695
  3,827
  3,965
  4,111
  4,263
  4,423
  4,590
  4,767
  4,951
  5,144
  5,348
  5,559
  5,782
  6,015
  6,258
  6,513
  6,780
  7,059
  7,352
  7,658
Operating income, $m
  724
  718
  745
  777
  814
  857
  904
  958
  1,016
  1,081
  1,151
  1,371
  1,453
  1,542
  1,637
  1,739
  1,848
  1,965
  2,089
  2,222
  2,363
  2,513
  2,672
  2,841
  3,021
  3,211
  3,412
  3,626
  3,851
  4,090
  4,343
EBITDA, $m
  832
  929
  958
  992
  1,031
  1,076
  1,127
  1,183
  1,244
  1,312
  1,386
  1,465
  1,552
  1,644
  1,744
  1,851
  1,965
  2,087
  2,217
  2,355
  2,503
  2,659
  2,825
  3,002
  3,189
  3,387
  3,597
  3,819
  4,054
  4,303
  4,566
Interest expense (income), $m
  26
  33
  35
  37
  39
  42
  45
  48
  51
  55
  59
  63
  67
  72
  77
  82
  88
  94
  100
  106
  113
  121
  128
  137
  145
  154
  164
  174
  184
  195
  207
Earnings before tax, $m
  706
  686
  710
  740
  775
  815
  860
  910
  965
  1,026
  1,092
  1,309
  1,386
  1,470
  1,560
  1,657
  1,761
  1,871
  1,990
  2,116
  2,250
  2,392
  2,544
  2,705
  2,876
  3,057
  3,249
  3,452
  3,667
  3,895
  4,136
Tax expense, $m
  247
  185
  192
  200
  209
  220
  232
  246
  261
  277
  295
  353
  374
  397
  421
  447
  475
  505
  537
  571
  607
  646
  687
  730
  776
  825
  877
  932
  990
  1,052
  1,117
Net income, $m
  459
  501
  519
  540
  566
  595
  628
  664
  705
  749
  797
  955
  1,012
  1,073
  1,139
  1,210
  1,285
  1,366
  1,452
  1,544
  1,642
  1,746
  1,857
  1,975
  2,099
  2,231
  2,372
  2,520
  2,677
  2,843
  3,019

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  188
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,354
  4,272
  4,390
  4,521
  4,664
  4,821
  4,991
  5,174
  5,371
  5,582
  5,807
  6,046
  6,301
  6,572
  6,859
  7,162
  7,484
  7,823
  8,182
  8,560
  8,959
  9,380
  9,823
  10,290
  10,782
  11,299
  11,844
  12,417
  13,020
  13,654
  14,321
Adjusted assets (=assets-cash), $m
  4,166
  4,272
  4,390
  4,521
  4,664
  4,821
  4,991
  5,174
  5,371
  5,582
  5,807
  6,046
  6,301
  6,572
  6,859
  7,162
  7,484
  7,823
  8,182
  8,560
  8,959
  9,380
  9,823
  10,290
  10,782
  11,299
  11,844
  12,417
  13,020
  13,654
  14,321
Revenue / Adjusted assets
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
Average production assets, $m
  1,950
  1,998
  2,053
  2,114
  2,181
  2,254
  2,334
  2,419
  2,511
  2,610
  2,715
  2,827
  2,946
  3,073
  3,207
  3,349
  3,499
  3,658
  3,826
  4,003
  4,189
  4,386
  4,593
  4,812
  5,042
  5,284
  5,538
  5,806
  6,088
  6,385
  6,696
Working capital, $m
  -245
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Total debt, $m
  1,120
  987
  1,049
  1,117
  1,193
  1,275
  1,364
  1,460
  1,564
  1,674
  1,792
  1,918
  2,052
  2,194
  2,345
  2,504
  2,673
  2,851
  3,039
  3,238
  3,448
  3,668
  3,901
  4,146
  4,404
  4,676
  4,962
  5,263
  5,579
  5,912
  6,262
Total liabilities, $m
  2,376
  2,243
  2,305
  2,373
  2,449
  2,531
  2,620
  2,716
  2,820
  2,930
  3,048
  3,174
  3,308
  3,450
  3,601
  3,760
  3,929
  4,107
  4,295
  4,494
  4,704
  4,924
  5,157
  5,402
  5,660
  5,932
  6,218
  6,519
  6,835
  7,168
  7,518
Total equity, $m
  1,978
  2,029
  2,085
  2,147
  2,215
  2,290
  2,371
  2,458
  2,551
  2,651
  2,758
  2,872
  2,993
  3,122
  3,258
  3,402
  3,555
  3,716
  3,886
  4,066
  4,256
  4,455
  4,666
  4,888
  5,121
  5,367
  5,626
  5,898
  6,184
  6,486
  6,802
Total liabilities and equity, $m
  4,354
  4,272
  4,390
  4,520
  4,664
  4,821
  4,991
  5,174
  5,371
  5,581
  5,806
  6,046
  6,301
  6,572
  6,859
  7,162
  7,484
  7,823
  8,181
  8,560
  8,960
  9,379
  9,823
  10,290
  10,781
  11,299
  11,844
  12,417
  13,019
  13,654
  14,320
Debt-to-equity ratio
  0.566
  0.490
  0.500
  0.520
  0.540
  0.560
  0.580
  0.590
  0.610
  0.630
  0.650
  0.670
  0.690
  0.700
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  459
  501
  519
  540
  566
  595
  628
  664
  705
  749
  797
  955
  1,012
  1,073
  1,139
  1,210
  1,285
  1,366
  1,452
  1,544
  1,642
  1,746
  1,857
  1,975
  2,099
  2,231
  2,372
  2,520
  2,677
  2,843
  3,019
Depreciation, amort., depletion, $m
  108
  211
  213
  215
  217
  220
  222
  225
  228
  231
  235
  94
  98
  102
  107
  112
  117
  122
  128
  133
  140
  146
  153
  160
  168
  176
  185
  194
  203
  213
  223
Funds from operations, $m
  729
  712
  731
  755
  783
  814
  850
  889
  933
  980
  1,032
  1,049
  1,110
  1,176
  1,246
  1,321
  1,402
  1,488
  1,580
  1,678
  1,782
  1,893
  2,010
  2,135
  2,267
  2,408
  2,556
  2,713
  2,880
  3,056
  3,242
Change in working capital, $m
  74
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  655
  782
  732
  755
  783
  815
  850
  890
  933
  981
  1,033
  1,050
  1,111
  1,176
  1,246
  1,322
  1,403
  1,489
  1,581
  1,678
  1,783
  1,893
  2,011
  2,136
  2,268
  2,408
  2,557
  2,714
  2,881
  3,057
  3,243
Maintenance CAPEX, $m
  0
  -65
  -67
  -68
  -70
  -73
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -203
  -213
New CAPEX, $m
  -50
  -48
  -55
  -61
  -67
  -73
  -79
  -86
  -92
  -99
  -105
  -112
  -119
  -127
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -296
  -312
Cash from investing activities, $m
  -355
  -113
  -122
  -129
  -137
  -146
  -154
  -164
  -173
  -183
  -192
  -203
  -213
  -225
  -236
  -249
  -262
  -276
  -290
  -305
  -320
  -337
  -353
  -371
  -390
  -410
  -431
  -453
  -476
  -499
  -525
Free cash flow, $m
  300
  669
  610
  626
  645
  669
  695
  726
  760
  798
  840
  847
  897
  951
  1,010
  1,073
  1,141
  1,213
  1,291
  1,374
  1,463
  1,557
  1,657
  1,764
  1,878
  1,998
  2,126
  2,262
  2,406
  2,558
  2,719
Issuance/(repayment) of debt, $m
  69
  55
  62
  69
  75
  82
  89
  96
  103
  111
  118
  126
  134
  142
  151
  159
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
Issuance/(repurchase) of shares, $m
  -350
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -257
  55
  62
  69
  75
  82
  89
  96
  103
  111
  118
  126
  134
  142
  151
  159
  169
  178
  188
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
Total cash flow (excl. dividends), $m
  41
  724
  672
  694
  721
  751
  785
  822
  864
  909
  958
  973
  1,031
  1,093
  1,160
  1,232
  1,309
  1,392
  1,479
  1,573
  1,672
  1,778
  1,890
  2,009
  2,136
  2,270
  2,412
  2,563
  2,722
  2,891
  3,069
Retained Cash Flow (-), $m
  45
  -51
  -56
  -62
  -68
  -74
  -81
  -87
  -93
  -100
  -107
  -114
  -121
  -129
  -136
  -144
  -153
  -161
  -170
  -180
  -190
  -200
  -211
  -222
  -234
  -246
  -259
  -272
  -286
  -301
  -317
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  673
  616
  632
  653
  676
  704
  735
  770
  809
  852
  859
  910
  965
  1,024
  1,088
  1,157
  1,230
  1,309
  1,393
  1,483
  1,578
  1,680
  1,788
  1,902
  2,024
  2,153
  2,290
  2,436
  2,589
  2,752
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  644
  563
  549
  535
  521
  507
  492
  476
  459
  440
  401
  381
  359
  336
  311
  285
  259
  232
  206
  180
  155
  132
  110
  91
  73
  58
  45
  34
  26
  19
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Church & Dwight Co., Inc. develops, manufactures, and markets household, personal care, and specialty products in the United States. It operates through three segments: Consumer Domestic, Consumer International, and Specialty Products Division (SPD). The Consumer Domestic segment offers household products, including baking soda, carpet and cat litter deodorizers, clumping cat litters, washing soda, fabric softeners, daily shower cleaners, cleaning products, dishwashing detergents and boosters, laundry and cleaning solutions, and bathroom cleaners, as well as powder, liquid, and unit dose laundry detergents; and personal care products, such as toothpastes and oral rinses, home pregnancy and ovulation test kits, deodorants and antiperspirants, toothbrushes, shampoos, dietary supplements, depilatories, lotions, creams, waxes, oral analgesics, nasal saline moisturizers, and feminine hygiene products, as well as condoms, lubricants, and vibrating products. The Consumer International segment sells personal care, household, and over-the-counter products in international markets comprising Canada, France, Australia, China, the United Kingdom, Mexico, and Brazil. The SPD segment offers animal productivity consisting of feed grade sodium bicarbonate, rumen fermentation enhancers, feed grade potassium carbonate, rumen bypass fat and lysine, omega 3 and 6 essential fatty acids, natural sodium sesquicarbonate, and refined functional carbohydrate; and specialty chemicals, including performance grade sodium bicarbonate, and potassium carbonate and bicarbonate. It also provides specialty cleaners, such as aqueous cleaners and deodorizers for commercial and industrial applications. The company sells its products through supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and pet stores, and other specialty stores, as well as through Websites. Church & Dwight Co., Inc. was founded in 1846 and is headquartered in Ewing, New Jersey.

FINANCIAL RATIOS  of  Church&Dwight (CHD)

Valuation Ratios
P/E Ratio 29.3
Price to Sales 3.9
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.4%
Cap. Spend. - 3 Yr. Gr. Rate -5.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 35%
Total Debt to Equity 56.6%
Interest Coverage 28
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 13.7%
Return On Equity 22.9%
Return On Equity - 3 Yr. Avg. 20.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 45.5%
Gross Margin - 3 Yr. Avg. 44.7%
EBITDA Margin 24%
EBITDA Margin - 3 Yr. Avg. 23%
Operating Margin 20.7%
Oper. Margin - 3 Yr. Avg. 20%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 39.9%

CHD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHD stock intrinsic value calculation we used $3493 million for the last fiscal year's total revenue generated by Church&Dwight. The default revenue input number comes from 2016 income statement of Church&Dwight. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHD stock valuation model: a) initial revenue growth rate of 2.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.4%, whose default value for CHD is calculated based on our internal credit rating of Church&Dwight, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Church&Dwight.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHD stock the variable cost ratio is equal to 49%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1084 million in the base year in the intrinsic value calculation for CHD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Church&Dwight.

Corporate tax rate of 27% is the nominal tax rate for Church&Dwight. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHD are equal to 55.8%.

Life of production assets of 31 years is the average useful life of capital assets used in Church&Dwight operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHD is equal to -0.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1978 million for Church&Dwight - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 256.022 million for Church&Dwight is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Church&Dwight at the current share price and the inputted number of shares is $13.6 billion.


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Stock chart of CHD Financial statements of CHD Annual reports of CHD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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